When buyout giant CVC bought a majority stake in motor racing franchise Formula One for $2.1 billion in 2006, not many could have predicted the twists and turns that lay ahead.

Now, a decade on, CVC's investment in one of the world's most-watched sports is set to become one of private equity's most profitable. The firm is nearing an exit of its remaining 35% in the business, according to various reports. The deal would value the racing franchise at around $8 billion or more, The Wall Street Journal said.